8. Which of the following disclosures is not required by ASC Topic 606 guidance for revenue recognition?

a. Explanation of significant changes in contract assets and liabilities.

b.Financial stability of major customers.

c. Amount of revenue recognized in the current period that was included in the beginning contract liability balance.

d. Beginning and ending balances of contract assets and liabilities.

10. In the case of sales where the customer is billed before delivery of the goods

a.the goods belong to the customer and revenue recognition is deferred until delivery.

b. the seller should always recognize revenue before the products are delivered to the customer.

c. revenue will not be recognized until the goods are shipped to the customer.

d. the seller may recognize revenue if control of the goods has been transferred to the customer even through physical delivery has not taken place.